December 1, 2016 / 10:31 PM / a year ago

Monte dei Paschi renews bancassurance partnership with AXA to 2027

MILAN, Dec 1 (Reuters) - Banca Monte dei Paschi di Siena said on Thursday it had renewed its bancassurance partnership with French insurer Axa to 2027.

The strategic joint venture, which covers life and non-life insurance as well as pension products, was first signed in March 2007.

Monte dei Paschi, which fared the worst in European bank stress tests in July, is seeking to raise 5 billion euros by converting subordinated bonds into equity, selling shares to one or more anchor investors and offering shares on the market.

Axa currently holds around 3 percent of the Tuscan lender. (Reporting by Stephen Jewkes; Editing by Sandra Maler)

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